Australia’s Foreign Investment Review Board has approved Tony Fung’s purchase of the Reef Hotel Casino in Cairns, not far from where the Hong Kong tycoon wants to build a multibillion-dollar megaresort on Queensland’s northeastern coast.
The approval was the last hurdle Mr Fung’s Aquis Casino Acquisitions needed to clear at the federal level, according to a statement by the company. All that remains now is approval from the state’s Office of Liquor and Gaming Regulation, which is expected to be forthcoming, given that the company’s A$8 billion Aquis at the Great Barrier Reef has already won preliminary approval from the Queensland government.
Aquis said its purchase of the Reef was an important stepping stone in its planned development of the Barrier Reef project, which will be located just about 15 kilometers north in a coastal town called Yorkeys Knob.
“The Reef will provide a strong branding and operational platform ahead of the planned opening of Aquis in 2019,” the company said.
Aquis and Mr Fung figure prominently in the Queensland government’s desire to remake the state as a leading regional destination for Chinese tourists and high rollers, and the approval granted the Barrier Reef project makes it one of three large-scale projects the government is seeking to spearhead the effort. A Chinese consortium has been conditionally approved for a mixed-use resort complex in Gold Coast, and joint ventures led by domestic rivals Crown Resorts and Echo Entertainment, both involving Chinese companies, are vying for a new license slated for the capital of Brisbane.
Plans for Aquis at the Great Barrier Reef include eight hotels at full build-out containing 7,500 rooms, plus two theaters, convention space, luxury residences, retail shopping, a cultural center, an aquarium, a lake and a reef lagoon, a golf course and a sports stadium. The casino portion will feature 750 table games and 1,500 gaming machines.
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